Margaret Weichert, acting director of the Office of Personnel Management, said the White House is introducing a measure to authorize the move of OPM to the General Services Administration on Friday, FCW reported Tuesday. OPM will run as a third service division within GSA under the proposed reorganization, which comes as OPM faces a budget deficit of $70 million as a result of the National Background Investigations Bureau’s transfer to the Pentagon as well as issues concerning legacy information technology systems.
Read More »A&D Trade Group Asks Congress to Introduce ‘Revenue-Neutral’ Tax Reform Plan
An aerospace and defense trade group has asked Congress to devise a tax reform plan that would not contribute to budget deficit in an effort to prevent potential cuts to defense spending in the long term due to high shortfall, Defense News reported Saturday. Doc Syers, vice president for legislative …
Read More »Senate OKs Fiscal 2018 Budget Resolution
The Senate voted 51-49 Thursday to approve its fiscal 2018 budget resolution that would authorize a tax reform plan, The Hill reported Thursday. The budget measure proposes to increase defense spending levels at current rates to reach $684 billion by 2027 and reduce nondefense spending in succeeding years that would result …
Read More »CBO: Federal Budget Shortfall Rose to $668B in FY 2017
A new Congressional Budget Office report says the federal budget deficit in fiscal year 2017 ended Sept. 30 reached $668 billion, approximately $82 billion higher than the shortfall recorded in the previous fiscal year. CBO said Friday the FY 2017 budget shortfall was equivalent to 3.5 percent of the U.S. gross domestic …
Read More »CBO: Federal Deficit Hits $522B in First 6 Months of FY 2017
A new Congressional Budget Office report says the federal budget deficit for the first half of fiscal 2017 reached $522 billion, approximately $63 billion higher than the agency’s shortfall estimates for the same period in FY 2016. CBO said in the report published Friday the total amount of receipts associated with corporate and individual …
Read More »OMB’s Mick Mulvaney: White House Could Release Detailed Budget Plan in May
Mick Mulvaney, director of the Office of Management and Budget, has said President Donald Trump plans to release a detailed version of his budget plan in May that will include a strategy to address U.S. deficits, Reuters reported Sunday. Valerie Volcovici writes Mulvaney told NBC’s “Meet the Press” in an interview the White House does not expect the …
Read More »CBO’s Keith Hall: Growth in Healthcare, Retirement Spending to Drive Up Budget Deficit From 2017 to 2027
Keith Hall, director of the Congressional Budget Office, has said CBO predicts the U.S. budget deficit to grow over the next 10 years if current laws remain unchanged. Hall said in a statement published Tuesday that increasing interest payments on government’s debt, rise in healthcare program and retirement spending and growth in …
Read More »CBO: Federal Budget Deficit Rose to $587B in FY 2016
A new Congressional Budget Office report says the federal budget deficit in fiscal year 2016 ended Sept. 30 reached $587 billion, about $148 billion higher than the shortfall recorded in the previous fiscal year. CBO said Monday the FY 2016 budget deficit was equivalent to 3.2 percent of the U.S. gross domestic product …
Read More »CBO: Federal Budget Deficit Hits $588B for FY 2016
The Congressional Budget Office has estimated the federal government’s budget deficit at $588 billion for the 2016 fiscal year Sept. 30 in an increase of $149 billion over the figure calculated in FY 2015. CBO said Friday that the increase in 2016 deficit was the first since 2009 as total receipts and total outlays …
Read More »CBO: Federal Budget Deficit Hit $514B For First 10 Months of FY 2016
A Congressional Budget Office report says the federal budget deficit for the first 10 months of fiscal year 2016 reached $514 billion, about $49 billion higher than the agency’s shortfall estimates for the same period in FY 2015. CBO said in the report published Friday it predicts the total annual budget deficit …
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